Cell Pathways to Present at the Lehman Brothers Global Healthcare Conference.

Business Editors and Health/Medical Writers

HORSHAM, Pa.--(BW HealthWire)--Feb. 28, 2001

Cell Pathways, Inc. (Nasdaq:CLPA) today announced that Robert J. Towarnicki, chairman and chief executive officer, will present at the Lehman Brothers Global Healthcare Conference on Friday, March 2, 2001, at 2:00 p.m. eastern time at the Grand Floridian Hotel and Resort in Orlando, Florida.

The presentation will be available live via conference call on a listen-in mode. The participation dial-in number is 1-800-553-3587 and the ID code is 944327. A replay of the call will be available 24-hours after the presentation and will be accessible for seven business days thereafter. The replay telephone number is 1-800-625-5288, and the ID code is 944327.

Commenting on his upcoming participation in the conference, Robert J. Towarnicki, stated, "Presenting at the Lehman Conference provides the opportunity to reiterate our corporate mission and define our ongoing business strategy before an audience of institutional investors who specialize in life sciences. Cell Pathways is committed to becoming a leading company in the treatment and prevention of cancer. Toward that end, the company:

-- is dedicated to initiating and completing registration-directed trials in a
variety of cancer indications both as a single agent and in combination with
currently available chemotherapeutic treatments;

-- expects to progress and expand its current clinical research and development
collaborations with large pharmaceutical companies, and will continue to pursue
additional strategic alliances;

-- is developing a worldwide strategy for the partnership of the clinical and
regulatory processes, as well as for the future marketing of its products;

-- continues to exclusively market the Aventis product, Nilandron(R), to
urologists who treat prostate cancer and will seek to enhance its
commercialization efforts through acquisition, in-license, or co-promotion of
additional products; and

-- supports a strong R&D effort focused on progressing its clinical development
program in cancer, discovering new compounds and further validating its
proprietary SAANDs technology."

Mr. Towarnicki concluded, "The Lehman Brothers Annual Healthcare Conference continues to attract financial professionals who focus on investment opportunities within the life sciences. We are delighted that Cell Pathways is among the companies chosen to present at this prestigious conference."

About Cell Pathways, Inc.

Exisulind (Aptosyn(TM)) and CP461 are the first members of a new class of potential therapeutic agents called selective apoptotic antineoplastic drugs, or SAANDs, which has been discovered and is under development by Cell Pathways, Inc. SAANDs inhibit cyclic GMP phosphodiesterases that show unique patterns of expression in tumors, thus selectively inducing apoptosis (programmed cell death) in abnormally growing precancerous and cancerous cells.

Cell Pathways is conducting clinical studies with Aptosyn(TM) as a single agent and in combination with conventional chemotherapeutic drugs in a variety of cancer and precancerous indications. The company is also preparing to initiate Phase II clinical trials of CP461 in cancer patients. Preclinical and clinical research to date suggests that drugs that target the cyclic GMP phosphodiesterases, as SAANDs do, may lead to the development of new therapeutics with broad-based activity.

Cell Pathways, Inc., headquartered in Horsham, Pa., is a development stage pharmaceutical company focused on the research, development and commercialization of novel and unique compounds to prevent and treat cancer. For additional information on Cell Pathways, Inc., visit the company's web site at http://www.cellpathways.com.

Note to Editors: Aptosyn(TM) is a trademark of Cell Pathways, Inc., Nilandron(R) is a registered trademark of Aventis Pharmaceuticals, Inc.

Certain statements made herein, and oral statements made in respect hereof, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are those which express plan, anticipation, intent, contingency or future development and/or otherwise are not statements of historical fact. These statements are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. Such risks and uncertainties relate to, among other factors, the absence of approved products; history of operating losses and the need for further financing; early stage of development; the costs, delays and uncertainties inherent in basic pharmaceutical research, drug development, clinical trials and the regulatory approval process, with respect to both the Company's current product candidates and its future product candidates, if any; dependence on the development and market acceptance of Aptosyn(TM) (exisulind) for one or more significant disease indications; limitations on, or absence of, the predictive value of data obtained in laboratory tests, animal models and human clinical trials when planning additional steps in product development; uncertainty of obtaining regulatory approval of any compound for any disease indication; uncertainty and adversity arising from the action of the FDA in issuing a "not approvable" letter with respect to the New Drug Application ("NDA") submitted for Aptosyn(TM) (exisulind) for the orphan drug condition of familial adenomatous polyposis, a rare disease that puts those afflicted at high risk of developing colon cancer; the timing and scope of any approval which might be received for any compound for any indication in the future; the volatility of the market price of the Company's Common Stock; the risk of our pending class action securities litigation; acceptance of any product candidate by providers of healthcare reimbursement; the validity, scope and enforceability of patents; the actions of competitors; the pace of technological changes in the biopharmaceutical industry; dependence upon third parties; potential product liability claims and availability of insurance . These and other risks are detailed in the Company's reports filed from time to time under the Securities Act and/or the Securities Exchange Act, including the sections entitled "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Other Events" in the Company's reports on Form 10-K for the year ended December 31, 1999 and Forms 10-Q and 8-K filed in 2000 as well as in registration statements on Form S-3 as may be filed from time to time. You are encouraged to read these filings as they are made. They are available over the Internet from the SEC in its EDGAR database. Given the uncertainties affecting pharmaceutical companies in the development stage, current and prospective investors are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. No forward-looking statement can be guaranteed; actual future results may vary materially. Both forward-looking statements and statements of historic fact must be understood in the context of the risks referred to above which characterize the Company's development stage business. The Company undertakes no obligation to update or revise the statements made herein or the factors which may relate thereto.